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ConocoPhillips to sell Barnett assets for $305m

by Andrea Waitrovich

ConocoPhillips has sold its assets in the Barnett shale field in Texas to Miller Thomson & Partners for about $305 million.

Full-year 2016 production associated with the Barnett assets was 11,000 barrels of oil equivalent per day, of which approximately 55 percent was natural gas and 45 percent was natural gas liquids. Year-end 2016 proved reserves were approximately 50 million barrels of oil equivalent.

The transaction is subject to specific conditions precedent being satisfied, including regulatory approval, and is expected to close in the third quarter of 2017.